Explain Individual Demand Curve with the help of a diagram.
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A demand curve has been defined as a curve that shows a relationship between the quantity-demanded of a commodity and its price assuming income, the tastes and preferences of the consumer and the prices of all other goods constant. To draw an individual demand curve the information regarding prices of a commodity at different levels and their corresponding quantities demanded is required. The price-consumption curve can provide this information.
Fig. 3.16 illustrates the way in which the individual demand curve can be derived from the price consumption curve. When a demand curve is to be drawn, units of money are measured on the vertical axis while the quantity of a commodity for which demand curve is to be drawn are shown on the horizontal axis.
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